The Board of Investment of Sri Lanka completes 38 years of existence in 2016. In this time, it has acted as an engine of growth creating a considerable impact on the country's economic development. The organization had its origins in the Greater Colombo Economic Commission (GCEC), which was established in 1978 to generate development in the outskirts of Colombo. Fourteen years later, in 1992, the Commission was reconstituted as the Board of Investment of Sri Lanka (BOI) with its mandate encompassing the entire island.
The BOI is structured to function as a central facilitation point for investors. BOI is committed towards continuously improving the country's investment climate. The Board of Directors drawn from the private and public sectors and its several departments are geared to facilitating the investment process.
BOI companies today employ over 470,000 workers. They account for nearly 65% of Sri Lankan exports and 86% of the country's industrial exports. The BOI is therefore a significant agent of social change and its existence of over 38 years has radically transformed Sri Lanka both economically and socially, placing the country in a position where it can compete in an increasingly globalized world.
Significantly, when an investor signs an agreement with the BOI, the provisions embodied in the agreement remain valid for the life of the enterprise. Successive governments cannot change these provisions, ensuring a degree of stability that few other countries can offer or match.
"To make Sri Lanka the most preferred destination for sustainable investment in Asia".
"Attract and secure sustainable investments for optimum utilization of resources and talents, through vigorous promotion and excellent investor facilitation whilst preserving harmony with the natural environment as a significant contributor in the development of the national economy".
Key Objectives of the BOI
- Foster and generate economic development.
- Widen and strengthen the base of the economy.
- Encourage and promote investment, specifically Foreign Direct Investment (FDI).
- Promote interdisciplinary interaction and collaboration.
- Help existing enterprises in dealing with macro socio economic challenges and help in their transformation.
- Diversify the sources of foreign exchange earnings and increase export earnings.
- Promote innovation and adoption of new technologies and generate new employment.
- Establish Investment Promotion Zones (IPZs) throughout the country especially through public and private partnership.
- Promote Sri Lanka as a Trading Hub.
BOI Chairman's Profile
Mr. Upul Jayasuriya
- He studied at Royal College Colombo. He joined the Bar in 1976.
- He joined the Attorney General's Department as a State Counsel on 2nd January 1978. On the same day there were several others who joined the Department. Among them were Hon. Justice Shirani Thilakawardena Rtd., Hon. Justice Nimal Gamini Amaratunga, Rtd, Hon. Justice Priyasath Dep and Hon. Justice Sathya Hettige Rtd., all present
judges of the Supreme Court and Mr. Anil Silva (P.C.).
- Also in 1978 he served as the First Legal Advisor of the Greater Colombo Economic Commission, (Present Board of Investments of Sri Lanka) while serving the Attorney General's Department as a State Counsel. During his time first 70 agreements were executed when Mr. Upali Wijewardena the Founder Chairman of the BOI then known
as the Greater Colombo Economic Commission.
- He was appointed Chairman of Sri Lanka State Trading Tractor Corporation in 1982. In 1983 he was awarded the Top Young Outstanding Professional Award by Jaycees Sri Lanka under the Entrepreneurship category for converting the Corporation into a profit-making venture.
- He was later appointed Chairman Ceylon Oils and Fats Corporation which again was turned in to a profit-making venture.
- He was appointed Managing Director/CEO of Ceylon Chocolates Ltd in 1997 and converted the same to a substantial profit centre.
- He held several company directorates and was also a member of the Board of Directors of Upali Investments Holdings Ltd.
- He founded Asian Finance Ltd., a company now engaged in financial business.
- 2014 Elected as President of the Bar Association of Sri Lanka and continued in Office for 2 years.
- He has been appointed by The President as the Chairman of Board Of Investments of Sri Lanka.
BOARD OF DIRECTORS- BOI
- Mr.Dumindra Ratnayaka
- Mr.Buddhi Keerthi Athauda
- Mr.Manoj Cooray
- Mr.M.A.Neeth Udesha